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Malaysia Keen To Work With Dubai On Global Islamic Economic Hub

DUBAI – Malaysia is keen to work together with Dubai to transform the city into a global Islamic economic hub, Datuk Seri Najib Tun Razak said.

“The potential is enormous,” the prime minister said at a press conference in conjunction with the 10th World Islamic Economic Forum here Tuesday.

Najib, who is also finance minister, said one of the collaborations was the dual listing.

“The scope would be very wide. We should go in stages. It is an exciting possibility. I look forward to working with Dubai closely,” he said.

Dubai has changed dramatically over the last three decades, becoming a major business centre with a dynamic and diversified economy, and the biggest re-exporting centre in the Middle East.

Asked whether Kuala Lumpur is competing with Dubai as both share a common aim, Najib said: “It is more of partnership than competing.

“If you look at Islamic finance, Malaysia’s growing more than twice. If you have that kind of growth, you are talking of the size of Islamic finance by leaps and bounce. It is much more than conventional. We have so much to share.”

Malaysia maintains its position as the largest sukuk issuer in the world in the first six months of this year, accounting for 57.3 per cent or US$161 billion of the global sukuk outstanding and 63 per cent or US$41.7 billion of sukuk issuances.

After the press conference, Najib witnessed the exchange of 12 memorandum of understandings (MoUs) involving Malaysian companies and their local partners here.

The 12 MoUs included that of the Securities and Commodities Authority of the United Arab Emirates and the Securities Industry Development Corporation of Malaysia.

The MoU is aimed at laying the foundations for cooperation between the parties in adopting a specialised vocational training that upgrades the professional standards for workers in the field of capital market, financial services and investment in the UAE.

Another MoU is signed between United Malayan Land Bhd (UMLand) and Medini Iskandar Malaysia.

The MoU was to commemorate the completion of UMLand’s purchase of phase two, three and four of the lease that it has acquired through its subsidiary, Lextrend Sdn Bhd in the Business District (Zone B) of Medini Iskandar Malaysia.

The expected gross development value of the land is about RM790 million. – Bernama